Markets had expected the central bank to keep its benchmark interest rate steady while setting up a cut at the July meeting.The Fedread more
Powell said policymakers are concerned about some of the recent economic developments and see a growing case for easier policy.The Fedread more
The Fed chief said that despite reports that Trump was looking to demote or fire him, he doesn't plan on leaving anytime soon.The Fedread more
With bold and targeted steps, economists say, government can increase opportunity and incomes for many more people in ways that strengthen, not weaken, American capitalism.Politicsread more
Beyond Meat has blown up. The plant-based meat company is now larger than 80 S&P 500 companies, including Macy's, Xerox and Mylan.Trading Nationread more
More and more American firms are calling for the Trump administration to resolve its conflict with China.World Economyread more
Employees spoke out on issues such as forced arbitration, workplace equity and Project Dragonfly at Alphabet's annual shareholder meeting.Technologyread more
American Airlines is the first major U.S. airline to order Airbus' new long-range, single aisle aircraft.Paris Air Showread more
This is a comparison of Wednesday's FOMC statement with the one issued on May 1 after the Fed's previous policy-making meeting.The Fedread more
Federal Reserve Chairman Jerome Powell said on Wednesday that Facebook spoke to the central bank about the digital currency called LibraThe Fedread more
Federal Reserve Chairman Jerome Powell said the case for a rate cut at central bank's Wednesday meeting is not strong enough.The Fedread more
Apple shares were higher Wednesday afternoon, attempting to avoid a sixth-straight day of losses despite being downgraded by analysts at Bank of America Merrill Lynch.
However, even that downgrade concedes "valuation metrics remain compelling for Apple," a point that investors shouldn't overlook according to Sherri Scribner, senior technology analyst at Deutsche Bank.
"Valuation for Apple is a very unique thing, " Scribner told CNBC's "Squawk on the Street". "It's definitely a momentum stock and we had sort of the positive momentum of the iPhone rollout, but when you think about valuation with Apple being as large as it is as a percentage of the S&P 500, it's very hard to get a market multiple."
Apple appears cheaper than its peers with a P/E ratio of around 13 compared with about 32 for Microsoft and Google, but Scribner noted that there may be a lack of catalysts ahead for Apple amid investor fears of a slowdown in iPhone growth.
"If you look at the last decline that they had, the P/E fell to nine to 10 times, which arguably is a very good valuation, " she said.
The fact remains, however, that Apple shares entered correction territory, and have fallen 10 of the last 11 trading days.
In early afternoon trading, shares were up more than 1 percent. (Click here for the latest price.)